Home sales up in November in Washington County

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Some solid gains in home sales for the month of November in Washington County according to the Greater Milwaukee Association of Realtors.

Overall in the Metro Milwaukee market home sales were up 5.0 percent as 1,182 homes sold in November compared to 1,126 the same month in 2014. Comparing the numbers to 2013, sales were up 6.9 percent (1,106 in ’13).

In Washington County the November sales grew by almost 25 percent compared to a year ago.

According to the GMAR, “November was the tenth consecutive month of positive sales this year. A good sign that the market is running smoothly, but not overheating, because of factors like limited growth in household income and availability of credit.”

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As far as inventory is concerned, November was the fourth consecutive month, and sixth month this year, new listings decreased.

Looking ahead, the GMAR said “it is almost a foregone conclusion that the Fed will begin a process of increasing interest rates as soon as this month (December). A Fed interest rate increase will probably have a mild impact on mortgage rates initially, because the mere discussion of interest rate increases (particularly inflation expectations) causes a reaction in the long-term bond market, which has been mild thus far. But, as rates tick up throughout 2016 they may force buyers to get off the fence.”

Hat tip to Paula Becker for help with this story.

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